USDJPY (109.47): The USDJPY currency pair was seen extending the declines as price action was seen consolidating near the support level of 109.57 – 109.43 region. A breakout from this support level could signal further declines as USDJPY could be seen falling to the lower support level at 108.90. To the upside, the gains are likely to be limited to the rising trend line which could now act as dynamic resistance. This also coincides with the minor resistance level likely to be formed near 109.95 region.
